Tag: bad debts

70% of UK adults in debt

70% of UK adults in debt

Seven in ten UK adults are in debt but many are choosing to ignore the problem instead of seeking help before it gets out of hand. Research by The Co-operative Bank found that 29 per cent of people refuse to confront their debt problems. Many do not admit that they are in debt until borrowing [...]

March 1, 2012 | 0 Comments More
HSBC annual profits double

HSBC annual profits double

HSBC has today posted pre-tax profits of $19 billion (£11.8 billion) for the 2010 year, compared with $7.1 billion for the 2009 year. While the banking giant saw profits double, the results disappointed investors as they were slightly below the $20 billion analysts had expected. Shares in the bank were up 2% prior to the [...]

February 28, 2011 | 0 Comments More
Nationwide first-half profits up 26%

Nationwide first-half profits up 26%

Britain’s largest building society, Nationwide, has today posted a surge in first half profits. Nationwide said pre-tax profits for the six months to September 30 were £147 million, up from £117 million in the same period a year ago. The company, which is the country’s second-biggest mortgage lender, added that bad debts dropped by 44% [...]

November 23, 2010 | 0 Comments More
RBS reports first half profit

RBS reports first half profit

Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, today announced a profit for the six months ended June, boosted by falling charges for bad debt. The bank posted a net profit of £9 million ($14.3 million) compared with a £1.04 billion net loss in the same period a year earlier. Meanwhile, [...]

August 6, 2010 | 0 Comments More
HSBC kicks off banking reporting season with doubling of profits

HSBC kicks off banking reporting season with doubling of profits

The UK’s banking reporting season has got off to a flying start today after banking giant HSBC reported profits more than doubled, exceeding analysts expectations. Europe’s largest bank has today announced a pre-tax profit of $11.1 billion (£7 billion) for the six months to the end of June, compared with $5 billion in the same [...]

August 2, 2010 | 0 Comments More
HSBC shares up on Q1 profit

HSBC shares up on Q1 profit

Europe’s largest bank HSBC has today announced underlying pre-tax profits for the first quarter of 2010 were well ahead on the same period a year ago. The bank, which does not report full quarterly results, said bad debts fell to their lowest level in two years, while its struggling US business made its first profit [...]

May 7, 2010 | 0 Comments More
RBS reports first quarter profit

RBS reports first quarter profit

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today proved it is on the road to recovery after reporting operating profits of £713 million in the first three months of the year, compared with a £1.35 billion loss in the same period a year earlier. After one-off costs, which included [...]

Barclays posts 47% rise in Q1 profits

Barclays posts 47% rise in Q1 profits

Banking giant Barclays has today posted a sharp rise in profits for the first quarter of the year. The bank said profit for the three months to 31 March totalled £1.82 billion - a rise of 47% compared with the same period a year ago. The rise was boosted by a reduction in bad debts [...]

April 30, 2010 | 0 Comments More
Reduction in bad debt helps Lloyds return to profit

Reduction in bad debt helps Lloyds return to profit

Lloyds Banking Group, which is 41% owned by the taxpayer, today said it has returned to profit during the first quarter of 2010, as a result of a reduction in bad debt. The banking giant also said it expects to continue to be profitable for the remainder of the year. The announcement comes just a [...]

April 27, 2010 | 0 Comments More
Yorkshire and Chelsea merger leads to job losses

Yorkshire and Chelsea merger leads to job losses

It emerged yesterday that Yorkshire Building Society and Chelsea Building Society were in advanced merger talks but today the Yorkshire has revealed that a tie-up would lead to a number of job losses and a £200 million write-down on Chelsea’s bad debts. “The merger will lead to a number of job losses,” the two societies [...]

December 2, 2009 | 0 Comments More
PwC expects hike in bad credit card debts

PwC expects hike in bad credit card debts

A study called “Precious Plastic” by accountancy firm PricewaterhouseCoopers (PwC) has found that while there has been a “cooling passion” for credit cards, bad credit card debts could jump as much as 9% of all outstanding balances by the end of 2010. According to Richard Thompson, a partner at PwC, over the last year, “there [...]

November 9, 2009 | 0 Comments More
RBS losses escalate in third quarter

RBS losses escalate in third quarter

Royal Bank of Scotland (RBS) has today posted a £1.5 billion operating loss for the third quarter - down 60% compared with the second quarter. The bank, which is now 84% owned by the taxpayers after receiving an additional £33.5 billion in state funding this week, has written off a further £3.3 billion in bad [...]

November 6, 2009 | 0 Comments More
RBS reports £15m profit but bad debts soar

RBS reports £15m profit but bad debts soar

The Royal Bank of Scotland (RBS), which is the last bank to publish figures this week, has reported a pre-tax profit of £15 million for the first half of 2009. However, the bank also said it had written off £7.5 billion of bad debts during the period. The bank is 70% owned by the taxpayer [...]

August 7, 2009 | 0 Comments More
Lloyds Banking Group reports first half loss

Lloyds Banking Group reports first half loss

Lloyds Banking Group is the latest bank to announce its first half results and the bank, which is 43% owned by the taxpayer, has slumped to a £4 billion loss. While the bank had warned investors that it would make a loss this year - it wasn‘t as severe as many analysts had originally feared. [...]

August 5, 2009 | 0 Comments More
Nationwide Building Society hit by bad debts

Nationwide Building Society hit by bad debts

The UK’s largest building society, Nationwide, has reported a 69% fall in pre-tax profits to £212 million for the 12 months to April 4, compared with £686 million the same period a year ago. Meanwhile, the building society slammed the Treasury’s Financial Services Compensation Scheme (FSCS) (which guarantees savings up to the value of £50,000), [...]

May 27, 2009 | 0 Comments More